Were you injured in a car accident in Michigan?
If you’ve suffered a car accident injury in Michigan, you could be entitled to a cash settlement. Unfortunately, you might not get it right away. That can be a problem if you need funds to help cover medical bills, a car insurance deductible or perhaps lost wages if you can’t work for a while.
If this sounds like your situation, waiting months for a car accident injury settlement is not a solution. That’s why Bridgeway Legal Funding is here to help you get a pre-settlement advance.
What is a pre-settlement advance?
A pre-settlement advance is exactly what it sounds like. It’s a cash advance you get before your settlement that will help cover your expenses in the meantime. A pre-settlement advance can also help replace some of your income if your injury keeps you from working.
How do I receive a pre-settlement advance in Michigan?
The first step is to contact Bridgeway Legal Funding. We help Michigan car accident injury victims get their pre-settlement advance quickly. We aim to get the funds to you within 48 hours of you getting in touch with us.
How does pre-settlement funding work?
The pre-settlement advance—an overview
You might have heard of the term, “lawsuit loan” in discussions about car accident injuries and pre-settlement advances. The two shouldn’t be confused; loans have to be repaid, which isn’t the case with a pre-settlement advance. Any pre-settlement funding is considered a non-resource advance. That means if you lose your case, you’re not obligated to repay it.
Bridgeway Legal Funding’s pre-settlement funding process
Here is how Bridgeway Legal Funding helps our clients secure their pre-settlement advance:
- We’ll review your case.
- We will calculate your estimated value.
- If the numbers work for both parties, we will offer you a pre-settlement advance, which is usually 10 to 20 percent of what we believe your car accident injury case is worth.
Check out our video on pre-settlement funding to learn more about how the process works.
You can also read the “How pre-settlement funding works section” on our website to learn more about the pre-settlement funding process.
How does Bridgeway Legal Funding determine what my case is worth?
The 10- 20% figure we typically let clients borrow is just an estimate. We examine every case individually and determine its value based on the information we have.
There are the three elements Bridgeway Legal Funding will use to determine how much your case is worth:
- Liability—Who was at fault in the accident? Sometimes liability can be easy to determine, like when a car is rear-ended, but regardless of that difficulty, Bridgeway Legal Funding will figure it out to help you get a fair pre-settlement advance.
- Damages—How much money needs to be paid out after the accident? Things like medical treatments, future medical expenses or lost wages from missed work are considered damages. Bridgeway Legal Funding will multiply how much work you missed it by your by current salary to determine damages. (Hours of work missed x Your current salary = Damages.) We will also see if you can still perform your current work duties after your injury or you need to find a new job.
- Insurance—How much coverage did you have when you got into your car accident? You must have at least the following insurance coverage to drive a vehicle in Michigan:
• Bodily injury liability coverage: $20,000 per person and $40,000 per accident
• Property damage liability coverage: $10,000
• Uninsured motorist bodily injury coverage: $20,000 per person and $40,000 per accident*
• Property protection: $1 million
• Personal injury protection: Unlimited with a $0, $300 or $500 deductible
Remember, this is the minimum amount of car insurance coverage you need in Michigan. You can purchase more—the maximum amount of coverage you can buy will depend on your insurer. Common maximum limits are:
• $250,000 for injuries per person
• $500,000 for injuries total, per accident
• $100,000 for property damage
Review the “How much funding can I get against my car accident lawsuit?” section of the Bridgeway Legal Funding to learn more about how much you can borrow for your car accident legal funding in Michigan.
What else do I need to know about Michigan pre-settlement advances?
Keep these tips in mind if you are injured in a car accident in Michigan as you try to qualify for a pre-settlement advance:
- Hire a lawyer who specializes in motor vehicle accidents.
- Keep detailed records of the car accident as well as your injuries.
- Request a copy of the police report from your accident and get the names of any potential witnesses.
The statute of limitations for personal injury lawsuits in Michigan is three years from the day of your accident. Make sure you and your attorney file your lawsuit within that time frame.
To learn more about pre-settlement funding in Michigan, visit our Guide to Pre-Settlement Funding.
More than 300,000 car accidents were reported in Michigan last year—nearly 75,000 of them resulted in an injury. The state’s population is approximately 9.9 million, meaning most Michigan residents can drive and increasing the odds of a car accident. Bridgeway Legal Funding hopes you’re never included in those car accident statistics in Michigan. If you are however and need help securing funds fast, we’re here to help. There’s no reason to wait months, or longer, for a settlement if you’re injured in a car accident. Contact us right away and we’ll get started on helping you secure your pre-settlement advance in Michigan.